Stock donation not showing as a Capital Gain Property

[Perry F]

I made a stock donation to an organization. In the Charitable Contributions Summary, there is  Part II Non-Cash Contributions Summary.  My donation is being listed as a "Other Property 50% Limit" rather than a "Capital Gain Property".  A very similar donation in 2022 was categorized as a "Capital Gain Property", which I believe is correct. Why in 2023 is it not being shown as a Capital Gain?

[akinnd]

I have the same issue.  I donated appreciated assets in excess of 30% of my AGI, so I should have a carryover into next year.  Instead TurboTax is deducting the entire FMV amount which is beyond the 30% limit.  When I trace the forms to see why, the "Charitable Contributions Summary" worksheet shows the stocks donated in the "Other Property" 50% Limit column instead of the "Capital Gain Property" 30% limit column like I would expect.  Hopefully someone from TurboTax will be able to help with this bug soon!

[FilAlleva · Accepted solution]

I have reported the same problem. It appeared after the 3/27/2024 TT update. I've corrected the forms by using the override function (crtl-D) and moving the amounts to the correct columns on the Charitable Contributions Summary worksheet and moving the total to the correct line (Line 5) on the Charitable Deduction Limits Worksheet. 

[Perry F]

Thanks!  This is exactly my issue and I used the override feature you mentioned to correct it.

[DenJ]

I have verified the same bug.  I cannot find a way to report this directly to Intuit, so do we all hope someone at Intuit will read this thread and get it fixed?  April 15 is around the corner.

[akinnd]

@FilAllevaor @Perry F , have either of you confirmed that TurboTax will allow completing the e-File process with this override?  The last time I needed to do an override, it wouldn't allow me to e-File... and I really don't want to print and mail if I can avoid it.

[FilAlleva]

I haven't done the upload yet. The worksheets aren't transmitted. Only schedule A which doesn't have any red-highlighted items. Also, the Error Check comes up clean. I'm waiting for one more document before I file. If I find that there is a problem, I'll be sure to holler!   

[Perry F]

I filed both federal and state with the override and they were accepted

[Stu E]

I have a similar problem that seem like just the opposite of yours as follows.

Two weeks ago TT calculated my charitable deduction for a donation of household items correctly and now it is not.   I am already over the 30% of AGI deduction limit due to a carryover of a large capital gain property, but not even close to the 50% deduction limit.   This year I donated cash and household items.  Initially the cash and household items were not limited so I got the full deduction for them.  But now, TT is giving me no additional deduction for the household items by treating them as capital gain property subject to a 30% limit (since I am already over the 30% limit).  The household items should be classified as 50% limit property, but I see no way make TT do what it was already doing just a couple weeks ago.  So this looks like a new TT error to me.      So how do we get TT to fix this?   Does anyone in the community have any more influence than this average joe?  Do we know if TT even reads the stuff we post?

[Stu E]

I did report a problem that is exactly the opposite of this to TT yesterday.  Must have spent an hour on the telephone in order to convince them it was their programming error.  They finally seemed to agree,  The rep took a lot of my screen shots for both data input and what was on the forms.  They said they would open a case and pass it on for resolution.

[Stu E]

How often does TT make software updates/fixes?  Does TT ever let you what they did and when the did it?

[DenJ]

This morning there was an update to TT that seems to have fixed the 30%/50% issue for stock donations.  On my return the donation is now correctly entered as a 30% limit donation.

[Stu E]

It seems like over-riding TT created federal worksheets raises a number of concerns.   Don't these worksheets get recreated if you make any further changes to your AGI or donations.  If you change TT intermediate information, then TT would not want to defend the result for you.   Also, make you wonder how their accuracy guarantee works?   Like who do we call now?

[Stu E]

The opposite problem I was having is now fixed also.   So today I am happy with TT.